How to strategize for retirement as inflation hits 40-year high

Inflation in the U.S. hit a 40-year high in March as consumer prices rose a whopping 8.5% from a year ago. While inflation is usually associated with higher costs for groceries, gas and other living expenses, many Americans might also be wondering: Could inflation also break my nest egg? 

For Americans who are nearing retirement, one common concern is the potential impact of stock market volatility on their investments.

"What we know is that if you experience a substantial loss within 10 years before retirement, that can really delay or impact your retirement plans for the rest of your life. It can have that big of an impact," Walser Wealth Management President Rebecca Walser told CBS News. "So it is very important for people that are that close to retirement to really be cautious in this time where the market is coming back, where we do see inflation, we do see a lot of geopolitical unrest."